Insider Selling: Cummins (NYSE:CMI) CFO Sells $89,820.00 in Stock

Cummins Inc. (NYSE:CMI) CFO Mark Andrew Smith sold 200 shares of the business’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $449.10, for a total transaction of $89,820.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,183,476.20. The trade was a 0.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Mark Andrew Smith also recently made the following trade(s):

• On Monday, October 6th, Mark Andrew Smith sold 8,000 shares of Cummins stock. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00.
• On Tuesday, September 16th, Mark Andrew Smith sold 2,671 shares of Cummins stock. The shares were sold at an average price of $415.00, for a total transaction of $1,108,465.00.
• On Wednesday, September 17th, Mark Andrew Smith sold 1,580 shares of Cummins stock. The shares were sold at an average price of $419.00, for a total transaction of $662,020.00.
• On Monday, September 15th, Mark Andrew Smith sold 4,829 shares of Cummins stock. The shares were sold at an average price of $415.06, for a total transaction of $2,004,324.74.
• On Wednesday, August 13th, Mark Andrew Smith sold 6,500 shares of Cummins stock. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00.
• On Tuesday, August 12th, Mark Andrew Smith sold 6,000 shares of Cummins stock. The shares were sold at an average price of $395.00, for a total transaction of $2,370,000.00.

Cummins Price Performance

Shares of NYSE CMI opened at $438.34 on Monday. The firm’s 50-day moving average price is $415.90 and its 200-day moving average price is $363.84. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $449.21. The firm has a market capitalization of $60.40 billion, a P/E ratio of 20.61, a P/E/G ratio of 2.05 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter in the prior year, the business earned $5.26 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s dividend payout ratio is currently 37.61%.

Analyst Ratings Changes

CMI has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Citigroup upped their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Finally, Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Institutional Investors Weigh In On Cummins

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMI. Norges Bank purchased a new stake in Cummins in the 2nd quarter valued at about $505,941,000. Raymond James Financial Inc. increased its stake in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after buying an additional 817,384 shares during the last quarter. American Century Companies Inc. increased its stake in Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after buying an additional 528,689 shares during the last quarter. Ontario Teachers Pension Plan Board increased its stake in Cummins by 5,158.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after buying an additional 427,670 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after buying an additional 424,294 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.